Dr. Manmohan Singh was a World Bank employee before he became finance minister and later prime minister. As PM, he nominated Montek Ahluwalia from the IMF as Deputy Chairman of the Planning Commission. The present RBI Governor, Raghuram Rajan, was Chief Economist in IMF. This is how the neoliberal agenda has been imposed on India.
Helena Norberg-Hodge writes: Today, banks and corporations run Europe. For big corporations and financial institutions, diversity is an impediment, whereas monoculture – in all aspects of life, from seeds, fast food and clothing, to architecture – is ‘efficient’. For them, a single Europe-wide market of 500 million people was an essential step to further growth:
Aniket Motale writes: Many new age economists have realised the limitations of GDP as a measure of development, including a few Nobel Laureates like Joseph Stiglitz. US politician Robert F. Kennedy once criticised GDP saying, “It measures everything, except that which makes life worthwhile “. Let’s take a closer look at the arguments against GDP.
In this four part series titled No Economic Bullets Left?, former investment banker Satyajit Das sets out why it will be difficult for the world economy to get back to previous levels of growth. The first part looks at the failure of fiscal policies of governments around the world, and why available policy tools cannot address the underlying problems.
George Monbiot writes: So pervasive has neoliberalism become that we seldom recognise it as an ideology. We accept the proposition that this utopian, millenarian faith describes a neutral force; a biological law, like Darwin’s theory of evolution. But the philosophy arose as a conscious attempt to reshape human life and shift the locus of power.
Author Mark Weisbrot says: “Behind almost every prolonged economic malfeasance there is some combination of outworn bad ideas, incompetence and the malign influence of powerful special interests”. Unfortunately, such nightmares are repeated in other places because even if the lessons are learned, they are not taken to heart, by “the people who call the shots”.
Colin Todhunter writes: There is a notion that we can just continue as we are, with an endless supply of oil, endless supplies of meat and endless assault on soil, human and environmental well-being that intensive petrochemical agriculture entails. Given the statistics, this is unsustainable, unrealistic and a recipe for continued resource-driven conflicts and devastation.
Sajai Jose Alexis Tsipras, the first Left Greek Prime Minister. Credit: SpaceShoe/Flickr, CC 2.0. Cover image of old woman in Athens is also by Spaceshoe Greece has become the first developed country to default on an International Monetary Fund loan, itself a fraction of a €323 billion national debt – equivalent to more than 175% of the country’s
Sajai Jose Credit: CGP Grey/Flickr, CC-BY 2.0 Recently, when an International Monetary Fund research paper revealed that the actual cost of fossil fuel usage for 2015 was a staggering US$ 5.3 trillion (approx. 340 lakh crore rupees), it made headlines worldwide, though it went largely unreported in India. What accounts for the bulk of this figure are the hidden